Approximately 4.3 million Traders have furnished an initial set of GST returns for October and the record marks the highest monthly return furnishing limit by the last date of the GST implementation.
The due date for furnishing GSTR-3B return, which is the introductory sales monthly returns, was fixed to November 20 for the last month, October.
As per the GSTN statement delivered on November 21, approximately 56% of the registered businesses under new indirect tax regime had furnished their GSTR-3B return for October month on the due date, November 20.
On the matter, Prakash Kumar, CEO at Goods & Services Tax Network (GSTN) said, “There is a steady rise in the number of taxpayers filing their GSTR-3B returns every month which is encouraging to see. The trend of taxpayers filing their returns on the last day continues though. Taxpayers are urged to file their returns early to avoid last minute hassles.”
Concerning the GSTR-3B return furnishing for September and August month, they touched 3.9 million and 2.85 million respectively on the last date of filing.
November 20 recorded the highest return filing in one day which was not the case previously on GST portal. More than 1.48 million taxpayers furnished GST returns on the due date.
Punjab seized the first rank one more time than remaining states in furnishing the maximum digit of GSTR-3B returns filing for October month before the last date. Around 73.09% of taxpayers in Punjab had furnished GSTR-3B returns before the last date for October month.
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With the increasing rate of return filing, the government revenue can go up. GST revenue collection for starting months has been marked at around Rs 92,000 crore. The government expects the new indirect tax system will broaden the tax foundation. Arvind Subramanian, Chief economic advisor had told during an interview, “Base is going to expand on GST going forward. If you look at the registrants, or if you look at the implied tax base, even next six months, we are going to look at bigger tax base than we thought before starting this enterprise.”
GST Member Committee
Under the consideration of GSTN chairman Ajay Bhushan Pandey, the government has established a committee pertaining 10-members to peek into the necessities of return furnishing in present fiscal year.
The committee’s 10-members include tax commissioners from Karnataka, Andhra Pradesh, Punjab, and Gujarat. It will recommend as well if any amendments or tweaks in provisions, laws, and structure are needed in GST return filing.
The report regarding the same will be submitted by the committee on December 15. The committee of 10-members has been established on the suggestions provided by GST council.
The GST council had determined as well to maintain in standstill position till March 31, when the GSTR-2 for purchase returns and GSTR-3 for combining the check of sales and purchase returns will take place. Traders are required to furnish initial GSTR-3B return forms till March in addition to sales returns for GSTR-1.
